Work on Kuwait Petroleum Corporation's (KPC) Clean Fuel Project (CFP) is 50 percent complete and is expected to be finished on schedule in 2018, Chief Executive Officer of KPC Nizar Al-Adsani said on Thursday.

In a speech during the signing of the contract of the project, which amounts to KD 1.2 billion, Al-Adsani said that CFP is amongst the most monumental projects KPC has undertaken, which aims to help ramp up the country's port capacities.

Moreover, Al-Adsani noted that increased port capacity would help propel Kuwait into new markets, which would in turn, help bring the country's 2030 vision of increased development to fruition.

Relying on foreign financial aid is an integral part of KPC's strategy, as it aims to bolster its ties with local banks, Al-Adsani added. Chairman of Kuwait National Petroleum Corporation (KNPC) Jamal Al-Nouri described the project as a "historic accomplishment," saying that the contract is the most lucrative one in the "history of the nation." Al-Nouri also thanked all parties involved in making the project a reality, calling it a "testament to the cooperation between Kuwait's public and private sectors."